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NEW YORK (GenomeWeb News) – French biotech firm Exonhit announced today an agreement to acquire InGen BioSciences for €18 million ($23.1 million), forming a new firm called Diaxonhit.

Exonhit will pay €8 million in cash as part of the deal, with the balance to be paid in Exonhit stock to shareholders of InGen. The deal is anticipated to close next month, pending approval by Exonhit shareholders.